[WapSaibiar]

Bank of America, the nation's largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes rather than letting them linger in foreclosure.

The limited time offer has received little promotion from the Charlotte, N.C.-based bank, which sent emails to select Florida Realtors earlier this week outlining basic details of the plan.

Only homeowners whose short sales are submitted for approval to Bank of America before Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.

A short sale is when a bank agrees to accept a lower sales price on a home than what the borrower owes on the loan.

Realtors said the Bank of America plan, which has a minimum payout amount of $5,000, is a genuine incentive to struggling homeowners who may otherwise fall into Florida's foreclosure abyss.

The current timeline to foreclosure in Florida is an average of 676 days - nearly two years - according to real estate analysis company RealtyTrac. The national average foreclosure timeline is 318 days.

"I think this is a positive sign that the bank is being creative to try and help homeowners and get things moving," said Paul Baltrun, who works with real estate and mortgages at the Law Office of Paul A. Krasker in West Palm Beach. "With real estate attorneys handling these cases, you're talking two, three, four years before there's going to be a resolution in a foreclosure."

Guy Cecala, chief executive officer and publisher of Inside Mortgage Finance, called the short sale payout a "bribe."

"You can call it a relocation fee, but it's basically a bribe to make sure the borrower leaves the house in good condition and in an orderly fashion," Cecala said. "It makes good business sense considering you may have to put $20,000 into a foreclosed home to fix it up."

Homeowners, especially ones who feel cheated by the bank, have been known to steal appliances and other fixtures, or damage the home.

"This might be the banks finally waking up that they can have someone in there with an incentive not to damage the property," said Realtor Shannon Brink, with Re/Max Prestige Realty in West Palm Beach. "Isn't it better to have someone taking care of the pool and keeping the air conditioner on?"

A spokesman for Bank of America said the program is being tested in Florida, and if successful, could be expanded to other states.

Wells Fargo and J.P. Morgan Chase have similar short sale programs, sometimes called "cash for keys."

Wells Fargo spokesman Jason Menke said his company offers up to $20,000 on eligible short sales that are left in "broom swept" condition. Although the program is not advertised, deals are mostly made on homes in states with lengthy foreclosure timelines, he said.

And caveats exist. The Wells Fargo short sale incentive is only good on first lien loans that it owns, which is about 20 percent of its total portfolio.

Bank of America's plan excludes Ginnie Mae, Federal Housing Administration and VA loans.

Similar to the federal Home Affordable Foreclosure Alternatives program, or HAFA, which offers $3,000 in relocation assistance, the Bank of America program may also waive a homeowner's deficiency judgment at closing.

A deficiency judgment in a short sale is basically the difference between what the house sells for and what is still owed on the loan.

HAFA, which began in April 2010, has seen limited success with just 15,531 short sales completed nationwide through August.

But Realtors said cash for keys programs can work.

Joe Kendall, a broker associate at Sandals Realty in Fort Myers, said he recently closed on a short sale where the seller got $25,000 from Chase.

"They realize people are struggling and this is another way to get the homes off the books," he said. http://www.palmbeachpost.com/money/r...0-1899993.html

[T5qYkHWQ]

Best I got was 7500 to throw everything into a dumpster that I pay for, sweep the floors and throw the keys into someones eyes. Seems they are getting desperate to take these homes they have nothing titled to them.

If people just look out they can stay... not indefinitely, I am working on that. Almost 2.5 years now though, just trying to find an atty that has a clue is relentless.

[Dwnijzhd]

Wasn't there a thread where someone in Florida had been fighting foreclosure for 25 years now? And that while retaining possession.

[T5qYkHWQ]

Yes there was but 25 years ago does not pertain to the obstacles in the way today. They were grandfathered in on whatever worked at the time. Today the banksters are sharp as a dull knife, nothing in writing only phone calls. While working to refinance they sell your shyt and you don't even know it till you get a tab on the door. I am one that stands behind 'don't chew off more than you can sew' but this shyt is utter BS.

Try to work a deal and they sell your shyt... hmm... why?

Anyone know someone in MI that takes this stuff on pm me, more than happy to stab a bankster.

[comprar-espana]

What would one have to declare for taxes on the 20g's beside the difference on the the shortsale?

[Dwnijzhd]

Those tabs on the doors are offers.

You have to respond to them within 72 hours .. without exception

[T5qYkHWQ]

Tabs were "Sheriff sale" your shyt sold below what you owe and to keep it cough up whatever we think you should pay.

I found a bunch of stuff that will work for me as in size, out building or walkout basement for the biz but cant walk away from the current place I can get 125k from... it's a battle and no one has balls in MI yet... wish I got what I had into it but that is a dream... LOL.

I don't care, they are stealing my house and it is against principle. We can argue all day long about how much of a user and such I am but it comes down to the fact that they sold my shyt while working a refinance.

[Lapsinuibense]

Tell the bank SHOW ME THE NOTE DAMMIT. I CONDITIONALLY ACCEPT YOUR OFFER ON PROOF OF CLAIM OR FUCK OFF!

[R1king]

What this tells me is that they don't expect housing to recover in the short term.

They also don't expect the mortgage holders to be able to start making payments in the short term.
Really the underlying message of this whole plan is that it's preferential to take another 20k loss, *over what has already been lost*, to holding the property and chancing that the borrower finds a job.

They feel that the odds are so stacked against housing going up again, and against employment going up again, that the mortgage is actually a liability they will pay to be rid of!

[Dwnijzhd]

the mortgage is actually a liability they will pay to be rid of!

The original note and the original mortgage were the assets that they were PAID to be rid of right after closing. Lack of possession of both originals gives a bank no standing to dispossess anyone of the property.

A lady in Florida whose home was foreclosed reported that at one hearing THREE banks were claiming to be the owner of her property.

On the basis of this type of claim I could go to the recorders office, get a certified copy of your mortgage, and throw you out because you haven't been paying ME!!!!